A full tilt bankruptcy.
City’s unemployment rate higher than national average.
58 Minutes for cops to respond to crime calls.
Murder rate off the scales (again).
Population has dropped from nearly 2 million to 700k.
5th largest city is now 18th in America.
All those Unions and city workers pensions… pretty much fooked.
The US is doomed to this same condition if people don’t stop the anti-business climate.
Cities in California and New York, and any other cities with a strong Union presence are doomed to follow suit in the next decade.
11 Depressing Stats About Detroit
Earlier today, Detroit filed for Chapter 9 bankruptcy, the largest municipal bankruptcy in history.
Municipal bond experts Peter Hayes and James Schwartz of Blackrock published a brief analytical note earlier this month titled “Distress In Detroit.” In it they offered some stats that would make anyone cringe.
Here are eleven of them:
- Detroit’s population has plunged 63% since 1950.
- …and it’s down 26% since 2000.
- The unemployment rate hit a high of 27.8% in July 2009.
- As of April 2013, the unemployment rate was at 16%.
- Even though the population fell 63% since 1950, the municipal workforce fell by just 40%, adding to the strain on public finances.
- Detroit has the highest violent crime rate of any large U.S. city
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